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Dinar Chronicles is now allowing viewers to guest post and respond to articles. If you wish to respond or speak your mind and write a post/article or about the current situation relating to Iraq, the RV, the GCR and so on. You may now send in an entry.

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Wednesday, April 12, 2017

In my last newsletter, I presented an article talking about the Iraqi currency and most importantly to us it talked about the “project to delete the zeros”.

Did you read the article and my comments? So today I want to outline these six items they talked about in this very recent article and place emphasis on a couple of the items today. I am placing emphasis on these items because I can see there are still many who do not believe that there are any needed laws necessary in order for the CBI to go forward with the project to delete the zeros, especially those related to the management of the oil industry.

This kind of thinking is, of course, is very short sided, irrational and is the reason why there is so much confusion in this area of concern in the dinar investment community. So let’s straighten this out today…shall we?

Here are the six items the CBI told us were delaying the furtherance of the project to delete the zeros. Why? Because these are still concerns and issues to address in these areas (this is all FACT from a very recent article from interview with CBI): (their words not mine!)

As always, my comments are in italicRED.

Question Asked the CBI - * What about the subject of the deletion of zeros and the reason for the delay?

Answer Given:1) the decision on the deletion of zeros cannot be taken in isolation from the political and legal environment in the country under conditions 2) the security situation as a result of terrorist acts and led to exit in part to the

3) provinces outside the control of the state for the years 2014,2015, 2016 (namely Mosul, Anbar, Kirkuk etc..) which prevents certainty and to wait in the implementation of this project,

4) in addition to that this must be done in coordination with all state departments and the private sector, where it should be followed by changing the paragraphs contained (must coordinate carefully with the GOI)

5) in the various laws, which include a reference to fines or lump – sum collection of fees,

6) must also change the financial and statistical records in order to conform with the project process the deletion of zeros. On the other hand, the technical preparations are underway by us. (Terms of loan, contract arrangements, terms of financing…)

I have listed these 6 items not to say that they have not be already accomplished or very nearly accomplished all of them to some degree. Do you remember the Stand-by-Agreements (SBA) between Iraq and the IMF? Remember the conditions and the steps the IMF was taking to help Iraq through their financial crisis? Well…..many of these items above relate directly to these SBA conditions.

Oh – didn’t Iraq just receive another $1 billion $400 million from the IMF, a third payment, yet another part of the international financial umbrella obtained by Iraq. So they are being “very good” and behaving themselves.

So far they obtained $5 billion, $400 million as part of an agreed $13 billion for this currency SBA. There possible umbrella totals up nearly 20 billion dollars. The PTB likes them now. They are in debt to them through various loan programs and the PTB (Powerful inTernational Bankers) got them used to sucking on their tit. The PTB now have control over their banking system once again too. You see the PTB are happy and so now they are going to move along Iraq back into the international community. Iraq has been spanked with ISIS and they have learned their lessons well. But the PTB knows that the biggest asset of Iraq is the oil. So are they going to forget about managing this life-blood of Iraq before releasing Iraq back into the global economy? NO! Let me explain.

For instance we were just told today in the news that Mosul is 90% liberated now and we have watched many of the other provinces return to control of the GOI and their security situations improve. We also have seen an amazing change in the political and legal environment since PM Abadi has taken office in 2014 as he worked with the IMF towards set goals. New banking and financial practices have been put in place and loans to help the struggling economy. So we have seen great changes which make me believe the articles is more of summarizing all the items they have already accomplished than what needs to be done. From everything else I am reading in the news too, I believe these major changes are now triggering a necessity for a very significant change to the Iraqi dinar value.

But many will say that all the needed laws are not yet in place and I agree but only for two major laws. So let me address #1 and #5 in more detail. This article is coming right out and telling us in #1 and again in #5 that the laws do matter and there are some laws that still need to be put in place.

Could they be talking just about just investment laws and banking laws? Are we so hung up now on these areas of the economy we can’t see the trees in the forest and have forgotten about the other issues? So we don’t know for a FACT that other laws are not also needed as they are not telling us either in this recent articles. So should we assume there are no other laws or shouldn’t we? Can we remember other articles from the past or do we have short memories? Maybe we were not involved with this investment back then and do have knowledge of these issues?

So many of these so called intel “gurus” can not also prove their theories that other laws are or are not possible and are still required. But what we do know as FACT is that the USA and the IMF has told us they need a fully implemented Iraqi constitution or they can not get “fully” out of sanctions. We just recently read articles too about Abadi meeting with the IMF to settle why they can’t get out of Chapter VII. Do you think this is all coincidental on the timing of these efforts?

This is pretty clear to me. Only thing is, this requirement to implement the constitution “fully” is old news and dates way back to 2004, 2007 when the Iraqi constitution was still fresh off the press. You would have to have been following this saga back then to understand just how important managing the oil is. In FACT one of the main objectives of the Nori al-Mailiki period was to get this part of the constitution implemented/enacted. He was not fully successful. So the saga continues but is not taken off the radar.

We should all know that one of THE MOST IMPORTANT parts is the HCL and Article 140 since these are the most contentious. Oil is still 95% of the wealth of Iraq and have been the most difficult to get legislation agreed to by everyone and passed in parliament. I will show you why if you continue to read.

So why are the disputed regions (article 140) so important? It’s because of their oil and other minerals contained on the land. Who will control it?

How many articles do we need to read on these subjects before we wake up and realize they ARE IMPORTANT and MUST be taken care of prior to any RV? So let’s look at #1. In #1 from my list that talked about “the political and legal environment in the country”.

So what do you think is going to assist them in increasing the stability of the political and legal environment in the country if not implementing laws to do so. Have you not seen all the instability and arguments over the oil and who is going to handle it’s sales, how it will be conducted and the handling and distribution of the revenues? Don’t you think this is important to stability of the country?

Just because they haven’t spelling it out to you in black and white in very recent articles or hit you over the head with it does not mean it is still not part of the overall country’s issues and needed goals and most importantly needed prior to any RV.

Don’t you personally feel a sense of calmness when you read any article about the Kurds and the GOI governments getting along? Don’t you feel a sense of unity and patriotism for Iraq? Then, as usual, in the coming weeks either the GOI is late in making payments to Kurdistan or other oil related issues arise. All this brotherly love seems to disapate….lol…lol…

Yes – there will probably always be ongoing oil related issues and I am not saying we are looking for the perfects calm waters, but they do need to get past the storms and into calmer waters for at least a period of time, at least long enough to see a sense of stability to pull the trigger on this RV.

FACTS about the Hydrogen Carbon Law (HCL):

The legislation started when the U.S.-backed Iraqi cabinet approved a new oil law that was set to give foreign companies the long-term contracts and the safe legal framework they have been waiting for. The law rattled labor unions and international campaigners, who say oil production should remain in the hands of Iraqis.

On March 10, 2007, prominent Iraqi parliamentarians, politicians, ex-ministers and oil technocrats urged the Baghdad parliament to reject Iraq's controversial hydrocarbon law, fearing that the new legislation would further divide the country already witnessing civil strife.

On April 28, 2007, discussions turned contentious among the more than 60 Iraqi oil officials reviewing Iraq's draft hydrocarbons bill last week in the United Arab Emirates. But the dispute highlighted the need for further negotiations on the proposed law that was stalled in talks for nearly eight months, then pushed through Iraq's Cabinet without most key provisions.

By December 2, 2007, The Bush administration was concerned that recent security gains in Iraq may be undermined by continuing political gridlock, and started pushing the Iraqi government to complete long-delayed reform legislation within six months. (Here ya go right out of the news from 2007. So you say HCL does not matter? Really? Article 140, which addresses one of the oil soaked contentious regions of Kirkuk, does not matter. Really? How short- sighted can these intel “gurus” be?

Are you paying attention to what I am saying today? How much more discussion must we have on this topic of oil before you see that real money is control and power. The oil is still the life breath of the Iraqi wealth. It’s still 90% of the revenues. Why would you not address the HCL and Article 140 issues first? Why would you not want to?

Do you really think they will go any further in opening the gates of the final phase of these financial reforms unless they are reasonably assured this part of their wealth is also secured from the vultures….lol….lol…?

So first these so called intel “gurus” told you that HCL didn’t matter. Then I presented you proof the law needed changes and all the articles on it. Then for a while they came onboard and agreed with me. Now the revised law sits in parliament and the speaker just recently told that parliament needs to address it in this next session. Why? Why so important? I know, do you?)

The Bush administration hired the consulting firm BearingPoint to help write the law in 2004. The HCL bill was approved by the Iraqi cabinet in February 2007. (this is FACT but this is only the cabinet and we all should know by now they need parliament also to pass the bill)

The Bush administration considers the passage of the law a benchmark for the government of Prime Minister Nuri Kamal al-Maliki’s cabinet (not the parliament! So the law only got as far as the cabinet approval). One stumbling block in parliament was the unpopularity of the law, as it is perceived by the Iraqi people. An opinion poll conducted in 2007 by Oil Change International and other groups shows 63% of Iraqis surveyed would "prefer Iraq's oil to be developed and produced by Iraqi state-owned companies than by foreign companies". This explains why the law had stalled in the Iraqi parliament. You see this is the main contention with the law.

Do they produce the oil through Iraqi state-owned companies or by foreign companies. I will go one step farther even in the dispute in that the new law authorizes production share agreements (PSAs) which guarantees a profit for foreign oil companies. (this is the really bad part of the law and is spoils of the war for sure, built in by Bush)

The central government distributes remaining oil revenues throughout the nation on a per capita basis. The draft law allows Iraq's provinces freedom from the central government in giving exploration and production contracts. Iraq's constitution allows governorates to form a semi-independent regions, fully controlling their own natural resources. (this last sentence is very important in understanding what is going on with the HCL and why it is so contentious)

So, I certainly hope, once again, we can put this issue of needing these pieces of legislation to rest. Folks – this is getting very old…..

More news……

Baghdad / Farah Pumice - In line with the directions of reform of the Iraqi economy through the development and promotion of productivity and financial sector and banking sectors, Director General of the Trade Bank of Iraq, Faisal Alheims stressed the progress in achieving the goals of the government through the introduction of new tools and products achieve financial liquidity to rotate the wheel of the economy. (So where is the needed currency reform then? Guess this piece of reforms is still missing?)

And launched Trade Bank of Iraq (TBI), a product called "deserve" for the first time in Iraq. This product will encourage citizens to deposit and saving the right ways in which the world followed, to keep the money from theft and loss in homes, as well as the entry of these funds the economic cycle in the country. (In other words get the money flowing throughout the economy. Currency flow is essential to us getting our RV. Once it begins to flow they will quickly see the necessity to get a real rate.)

To achieve “sustainable development” (oops there is that UN Agenda 21 wording again) is in the medium and long term. Products and tools to support said it in a statement in the "Morning News”:

"Trade Bank of Iraq works to promote competition in the banking sector and the introduction of new tools and products in support of this sector enhance its strength in the country, as well as giving a positive image to the international community."

Promised General Manager this product (deserve) is a new idea to motivate citizen to deposit his money in the bank and the possibility of withdrawing at any time want to do, especially as the goals that operates the bank is credibility, transparency and mutual confidence, indicating that this product is the beginning of the road to open new horizons with citizens to seek to use the banks. Initiated at the trade Bank of Iraq in the first TBI launch such products, which are not inconsistent with the requirements and instructions of the Central Bank.

Last week it was confirmed by Prime Minister Haider al-Abadi, that Iraq is near the exit of the country from Chapter VII. This could happen as early as within two months or less. So today, here Iraq stands around the corner of liberation from Chapter VII, and completion of this step will recover Baghdad frozen funds in foreign banks is estimated at almost $ 50 billion, as well as in the Development Fund for Iraq, and will return to its position in the international arena, the center of direct cooperation and effective of all the members of the Security Council and at all levels, in addition to raising investment opportunities big companies and consolidate its role in the region and the world ... and most importantly it will be a liberated and prosperous Iraq.

Articles Begin

Sadr urges Assad to resign

(Personally I do not see president Assad as such a bad person. I have seen many interviews with him and studied his regime and reasons for coming into any power in Syria in the first place. I encourage you too to study this man carefully and stop listening too all the propaganda and think for yourselves.

Yes – he is not a strong leader and does not know how to manage a govt. I believe there have been CIA backed “rebels” trying to take down his government and they recruited thousands of civilians to join in. What should the govt do when threatened by these rebels? Do you kill them or let them take over a freely elected democratically run govt? You see this is at the heart of the issues with the Syrian conflict.

So just who is really behind this entire mess and why? Oh – when you begin to ask these questions Pandora’s box opens widely. Just remember you can’t put Pandora back in the box afterwards…lol…lol….Who will be brave enough to politically challenge this CIA. Oh- by the way Trump just gave the CIA more unheard of powers.

I firmly believe this is the very same “shadow govt” of in the USA. The USA also must wake up soon and take away such power from this shadow govt that does not have any democratically elected powers or powers given directly by the US constitution. Where does this shadow power come from? Are they going through the US senate or congress? No they are using this ‘national security” and terrorism as justification for most of their powers. Oh – but they way you gave them power too with the patriot act, homeland security and NSA. Very dangerous and what we are witnessing in Syria is proof of what this shadow govt is capable of. Wake up America or else?)

Sadrist Movement’s leader Muqtada al-Sadr urged on Saturday Syrian regime president Bashar al-Assad to resign if he wants to save Syria from terrorism.

Bashar al-Assad has to resign and hand over the leadership of Syria to competent leaders who can fight terrorism, al-Sadr said in a press statement.

Al-Sadr also criticized Trump’s decision to strike Syria, describing this move as “reckless” and urged the US president to oust the US from the Syrian conflict so it doesn’t turn out to be a new Vietnam. (What the US truly needs is a president, a strong leader, that can think on his/her own and not to rely so much on this orchestrated intelligence. There is always a motive behind intelligence reports as it is too easy to “tweek” facts to suit someone’s purpose/objectives. I know as I worked in this field for many, many years.

My feelings are that this recent US Harm missile bombing should never have happened and was a knee jerk reaction needed more for political reasons for Trump support to portray him as a “strong” leader. Was there yet another underlying CIA objective?)

The Sadrist leader stressed that the US strike may have given ISIS the green light to expand to other countries.

Al-Sadr also noted that the US intervention in Syria won’t help solve the situation. (What he did not mention is the US started the problem in the first place). He added that US couldn’t help Iraq in the 2003 invasion.

Russia and other factions fighting in Syria must withdraw from the war-torn country to enable the Syrian people to rebuild their country.

The Information Office of the Iraqi Central Bank director of Acer Jabbar explained that due to the Central Bank of Iraq for the first review of the classification of participation in the sale and purchase of foreign currency window of banks and the importance of the degree obtained by the bank in standard compliance (compliance, anti-money laundering, risk) we would like to show follows Jabbar in a statement received by the "economy News", a copy of it that the issue of compliance is the cornerstone to enter the sale and purchase of foreign currency window based on it should the bank to get a degree appropriate and convincing success for the Central Bank of Iraq, regardless of other grades for the rest of Almaia T If the required degree and convincing standard for compliance with the Central Bank did not materialize can not enter the bank window and based upon the subject of compliance must give high importance. (in other words, if the bank did not comply with the new regs for the currency auction window, the bank will not be able to exchange for dollars and the CBI will close down their currency window until they make the corrections to come back into compliance)

Jabbar said that the banks that did not make the degree of success in the standard currently compliance, requires taking necessary to reach measures the level of success (more than 50% of the grade standard) and within one month of Tarih this uncles, and in the case of failing to get that degree is stopped for enter the window until they correct their positions. Jabbar stressed that the need to continue the support and amendment procedures and policies of human own standard of compliance and resource banks, down to a high level exceeding (65%) of the standard to ensure acceptance of classification of the bank and the continuity of its participation window in the next review (the month of August / 2017). (I like this article because it is showing us they are serious about cracking down on the illegal sales of dollars, and this has been the problem all along as to why the dinar value can’t stabilize against the dollar)

April 12, 2017 CBI Sets New Foreign Currency Rules (IRAN)

(The purpose of my newsletter is cover the ongoing saga of the Iraqi dinar, however at times I am compelled to speak up about this foolishness going on with the buying frenzy for the Iranian Rial)

Last year, Iran authorized banks to undertake foreign exchange trading at a free-market rate, as authorities plan to unify exchange rates. (So once again I will day THIS IS NOT A REVALUATION, instead Iran is now going through the same issues that Iraq did with a the MCP (multiple currency practices and they want to “unify” the rate under one rate from the CBI,,,,get it? NOT A REVALUATION!)​Iran operates two exchange rates: a free market rate, which was at 37,062 rials to the US dollar on Monday, and an official rate used for state transactions, set by the central bank at 32,439 rials. (So what is so wonderful about these rates? Remember this is not an “artificial” or “program “ rate like in Iraq. This rate they are showing in the articles is the real rate. Even after lifting part of the sanctions it only increased slightly. The PTB are not going to let Iran go anywhere until they are ready and this is not going to happen until Iran totes the line and allows the bankers to come in and control their country, as they are now doing in Iraq. Iraq didn’t want to behave and we saw what gift the PTB gave them…ISIS! Lovely wasn’t it!​I fully believe something like a gift of ISIS will happen too in Iran and so we wait. So far they tried sanctions and the leaders are holding steadfast. So behave or they have economic measure and eventually military measures they will use to force you to capitulate. So the new game is not to make it look so obvious when they come in militarily, so they use groups like ISIS or so called patriot fighters or rebels, etc,, Even when the Iranian leaders finally do capitulate, they plan to issue all new currency and take their faces off it. Iran also needs new security features on their currency. Right now they control it so tightly that little counterfeiting is happening. But this can change. This is years and years down the road. Why would you want to invest in this currency?)

In recent months, the central bank has raised the official rate gradually to shrink the gap between the two. It has said it wants to unify the exchange rate, to make the economy more efficient and create a level field for private firms competing with state institutions with access to cheaper foreign exchange. (I see absolutely nothing about a significant change in the value of their currency coming.)

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